Financial Statement
2024 Financial Highlights
Statements of Financial Position
| Assets | 2024 | 2023 |
|---|---|---|
| Cash and cash equivalents (notes 2b and 4) | $39,298,929 | $43,783,759 |
| Short-term investments (notes 5 and 9) | $215,485,040 | $133,572,075 |
| GMSP short-term investments (notes 5 and 9) | $52,654,715 | $60,308,295 |
| Receivable for unsettled investment trades (note 8) | $8,000,000 | |
| Pledges receivable, net (note 6) | $233,953,475 | $241,069,307 |
| Accrued investment income | $3,321,864 | $2,276,316 |
| Long-term investments (notes 7 and 9) | $252,874,666 | $252,769,113 |
| GMSP long-term investments (notes 8 and 9) | $63,303,296 | $81,226,659 |
| Property and equipment, net (note 10) | $32,037,790 | $27,829,222 |
| Collections acquired (note 11) | $1,414,250 | $1,414,250 |
| Other assets | $14,683,760 | $4,564,097 |
| Total assets | $917,027,785 | $848,813,093 |
| Liabilities and Net Assets Liabilities: | ||
| Accounts payable and accrued expenses | $17,359,866 | $14,006,217 |
| Accrued wages, vacation, and other related expenses | $6,882,715 | $5,957,162 |
| Payable for unsettled investment trades (note 8) | - | $14,320 |
| Accrued distribution to member institutions | $9,723,051 | $8,858,535 |
| Accrued return of funds to the Gates Foundation (note 12) | $6,000,000 | $16,000,000 |
| Deferred revenue | $4,276,524 | $7,571,107 |
| Line of credit (note 13) | ||
| Bonds payable (note 14) | $23,326,218 | $24,334,966 |
| Total liabilities | $67,568,374 | $76,742,307 |
| Net assets: | ||
| Without donor restrictions: Undesignated | $33,317,865 | $30,209,592 |
| Board designated-operating reserve (note 21) | $19,306,056 | $16,659,519 |
| Board designated - member distribution reserve (note 21) | $5,238,515 | $4,669,493 |
| Total without donor restrictions | $57,862,436 | $51,538,604 |
| With donor restrictions (note 15) | $791,596,975 | $720,532,182 |
| Total net assets | $849,459,411 | $772,070,786 |
| Commitments and contingencies (note 20) | ||
| Total liabilities and net assets | $917,027,785 | $848,813,093 |
Statement of Functional Expenses
| Expense | GMSP | Scholarships and special projects | Distribution to member institutions | Institutional services | Other program services | Total program services |
|---|---|---|---|---|---|---|
| Capital and operational support | $21,591,447 | $21,591,447 | ||||
| Grants and scholarships | $15,887,494 | $62,076,071 | $1,400 | $84,672 | $78,079,637 | |
| Total distributions | $15,887,494 | $62,076,071 | $21,591,447 | $1,400 | $84,672 | $99,641,084 |
| Expenses before depreciation, amortization, and bad debts | ||||||
| Salaries and wages | $1,071,404 | $9,602,479 | — | $1,341,667 | $427,101 | $12,442,651 |
| Employee benefits | $274,891 | $2,547,064 | — | $224,595 | $78,274 | $3,124,824 |
| Advertisements and promotions | — | $341,092 | — | $7,039 | $17,961 | $366,092 |
| Professional and consulting fees | $483,887 | $17,258,365 | — | $303,425 | $575,735 | $18,621,412 |
| Information technology support | $446,218 | $1,436,206 | — | ($494,759) | $37,683 | $1,425,348 |
| Office supplies and other expenses | $21,704 | $264,339 | — | $273,737 | $4,496 | $564,276 |
| Telephone | $1,227 | $21,513 | — | $12,595 | $782 | $36,117 |
| Postage and shipping | $498 | $32,464 | — | $3,730 | $2,630 | $39,322 |
| Occupancy | $145,938 | $857,632 | — | $124,366 | $45,059 | $1,172,995 |
| Printing and publications | $1,950 | $293,430 | — | $11,072 | $16,057 | $322,509 |
| Travel | $38,276 | $2,385,252 | — | $141,809 | $79,434 | $2,644,771 |
| Meetings | $24,271 | $2,652,727 | — | $11,131 | $201,184 | $2,889,313 |
| Equipment rental and maintenance | $2,551 | $12,840 | — | $21,073 | — | $36,464 |
| Interest expense | — | — | — | — | — | — |
| Indirect cost recovery | $180,000 | $6,883,808 | — | — | $117,684 | $7,181,492 |
| Total expenses before depreciation, amortization, and bad debts | $18,580,309 | $106,665,282 | $21,591,447 | $1,982,880 | $1,688,751 | $150,508,669 |
| Accrued return of funds to the Gates Foundation | ||||||
| Depreciation and amortization expense | ||||||
| Bad debt expense | $11,509,085 | $11,509,085 | ||||
| Total expenses | $18,580,309 | $118,174,367 | $21,591,447 | $1,982,880 | $1,688,751 | $162,017,753 |
Statement of Functional Expenses
| Expense | Management and general | Fundraising | Total supporting services | 2024 Total program service and supporting service expenses | 2023 Total program service and supporting service expenses |
|---|---|---|---|---|---|
| Distributions: | |||||
| Capital and operational support | $21,591,447 | $21,029,880 | |||
| Grants and scholarships | $2,000 | $2,000 | $78,051,637 | $73,605,890 | |
| Total distributions | $2,000 | $2,000 | $99,643,084 | $94,635,770 | |
| Salaries and wages | $9,687,344 | $8,908,058 | $18,595,402 | $31,038,053 | $26,470,547 |
| Employee benefits | $2,916,676 | $1,969,405 | $4,886,081 | $8,010,904 | $6,569,966 |
| Advertisements and promotions | $96,327 | $226,642 | $322,969 | $592,734 | $523,809 |
| Professional and consulting fees | $3,671,331 | $2,209,862 | $5,881,193 | $24,502,605 | $27,705,947 |
| Information technology support | ($1,768,551) | $244,599 | ($1,523,952) | ($98,604) | ($97,318) |
| Office supplies and other expenses | $320,319 | $550,039 | $870,358 | $1,434,635 | $1,435,347 |
| Telephone | $331,927 | $24,459 | $356,386 | $392,503 | $412,982 |
| Postage and shipping | $49,642 | $1,424,258 | $1,473,900 | $1,513,221 | $1,718,632 |
| Occupancy | $261,640 | $872,439 | $1,134,079 | $2,307,073 | $1,346,628 |
| Printing and publications | $107,751 | $3,589,251 | $3,697,002 | $4,019,511 | $3,392,969 |
| Travel | $559,569 | $761,352 | $1,320,921 | $3,965,692 | $2,481,258 |
| Meetings | $142,974 | $179,838 | $322,812 | $3,212,124 | $2,200,647 |
| Equipment rental and maintenance | $85,526 | $63,368 | $148,894 | $185,359 | $285,704 |
| Interest expense | $906,503 | — | $906,503 | $906,503 | $943,221 |
| Indirect cost recovery | ($7,181,298) | — | ($7,181,298) | $195 | — |
| Expenses before depreciation, amortization, and bad debts: | |||||
| TOTAL EXPENSES BEFORE DEPRECIATION, AMORTIZATION, AND BAD DEBTS | $10,127,980 | $20,988,943 | $31,116,923 | $181,625,592 | $170,026,109 |
| Accrued return of funds to the Gates Foundation | |||||
| Depreciation and amortization expense | $1,048,570 | $1,048,570 | $1,048,570 | $595,651 | |
| Bad debt expense | $171,538 | $171,538 | $11,680,623 | $35,000 | |
| TOTAL EXPENSES | $11,348,088 | $20,988,943 | $32,337,031 | $194,354,785 | $170,656,760 |
Statement of Activities
| Activity | Without donor restrictions | With donor restrictions | 2024 Total | 2023 Total |
|---|---|---|---|---|
| Revenue, gains, and other support: | ||||
| Support: | ||||
| Contributions for grants and scholarships | $168,248,184 | $168,248,184 | $300,026,632 | |
| Contributions and gifts (notes 2 and 18) | $43,201,491 | $43,201,491 | $40,881,253 | |
| Bequests and legacies | $6,856,076 | $8,007,547 | $14,863,623 | $11,603,244 |
| Gifts-in-kind and donated services (note 17) | $2,079,815 | $2,079,815 | $1,019,343 | |
| Total support | $50,057,567 | $178,335,546 | $228,393,113 | $353,530,472 |
| Investment income: | ||||
| Interest and dividends | $6,195,878 | $15,344,169 | $21,540,047 | $5,946,883 |
| Amortization of investment premium and discount | -$7,424 | $328,744 | $321,320 | $117,351 |
| Realized gains/(losses) | $544,146 | $1,534,473 | $2,078,619 | $1,968,572 |
| Unrealized gains/(losses) | $5,445,071 | $13,965,240 | $19,410,311 | -$11,942,143 |
| Total investment income | $12,177,671 | $31,172,626 | $43,350,297 | -$3,909,337 |
| Net assets released from restrictions (note 15) | $138,443,379 | -$138,443,379 | ||
| Total revenue, gains, and other support | $200,678,617 | $71,064,793 | $271,743,410 | $349,621,135 |
| Expenses: Program services: | ||||
| GMSP | $18,580,309 | $18,580,309 | $27,106,499 | |
| Scholarships and special projects | $118,174,367 | $118,174,367 | $94,603,486 | |
| Distributions to member institutions | $21,591,447 | $21,591,447 | $21,029,880 | |
| Institutional services | $1,982,880 | $1,982,880 | $1,565,605 | |
| Other program services | $1,688,751 | $1,688,751 | $931,640 | |
| Total program services | $162,017,754 | $162,017,754 | $145,237,110 | |
| Supporting services: | ||||
| Management and general | $11,348,088 | $11,348,088 | $6,742,017 | |
| Fundraising | $20,988,943 | $20,988,943 | $18,677,633 | |
| Total supporting services | $32,337,031 | $32,337,031 | $25,419,650 | |
| Total expenses | $194,354,785 | $194,354,785 | $170,656,760 | |
| Change in net assets | $6,323,832 | $71,064,793 | $77,388,625 | $178,964,375 |
| Net assets, beginning of year | $51,538,604 | $720,532,182 | $772,070,786 | $593,106,411 |
| Net assets, end of year | $57,862,436 | $791,596,975 | $849,459,411 | $772,070,786 |
Statements of Cash Flow
| Activity | 2024 | 2023 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Change in net assets | $77,388,625 | $178,964,375 |
| Adjustments to reconcile change in net assets to net cash used in | ||
| operating activities: | ||
| Realized gains on investments | ($2,078,619) | ($1,968,572) |
| Unrealized (gains) losses on investments | ($19,410,311) | $11,942,143 |
| Amortization of investment premium and discount | ($321,320) | ($117,351) |
| Bad debt expense | $11,680,623 | $111,498 |
| Depreciation and amortization | $1,048,570 | $595,651 |
| Contributions restricted for investment in endowment funds | ($8,914,254) | ($4,559,029) |
| (Increase) decrease in assets: | ||
| Pledges receivable | $1,769,294 | ($157,758,139) |
| Provision for uncollectible | ($5,171,538) | — |
| Accrued investment income | ($1,045,548) | ($1,593,542) |
| Other assets | ($9,612,272) | $36,904 |
| Increase (decrease) in liabilities: | ||
| Accounts payable and accrued expenses | $3,353,648 | $4,170,484 |
| Accrued wages, vacation, and other related personnel expenses | $925,554 | $998,006 |
| Accrued return of funds to the Gates Foundation | ($10,000,000) | ($10,000,000) |
| Deferred revenue | ($3,294,583) | ($639,674) |
| Accrued distributions to member institutions | $864,516 | ($3,556,066) |
| Net cash provided by operating activities | $37,182,385 | $16,626,688 |
| Cash flows from investing activities: | ||
| Purchases of investments | ($450,644,723) | ($351,789,056) |
| Proceeds from sales of investments | $408,027,716 | $234,190,621 |
| Purchase of property and equipment | ($6,955,715) | ($3,675,144) |
| Net cash used in by investing activities | ($49,572,722) | ($121,273,579) |
| Cash flows from financing activities: | ||
| Repayments of bonds payable | ($1,008,748) | ($976,560) |
| Contributions restricted for investment in endowment funds | $8,914,254 | $4,559,029 |
| Net cash provided by financing activities | $7,905,506 | $3,582,469 |
| Decrease in cash and cash equivalents | ($4,484,831) | ($101,064,422) |
| Cash and cash equivalents, beginning of year | $43,783,759 | $144,848,181 |
| Cash and cash equivalents, end of year | $39,298,928 | $43,783,759 |
| Cash paid for interest | $906,503 | $943,221 |